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15/12/2008 Barclays to hike up SME lending by 10%

Barclays bank has committed to adding an extra £1.5bn to lending balances bringing the total to £16.5bn by the end of 2009. The money includes £300m from the new European Investment Bank Scheme.

The bank also revealed that all UK small businesses, whether or not they are a Barclays customer, will be able to access its CreditFocus service, which allows entrepreneurs to check the credit worthiness of customers or suppliers.

In addition, Steve Cooper, Barclay's managing director of local business, said in January the company will begin promoting the Small Business Finance Scheme, an initiative unveiled as part of November's pre-budget report.

Through the scheme, loans of between £1,000 and £1m will be available.